“With the backing of FirstRand Group's considerable resources and wider capabilities, we will be able to accelerate the delivery of our strategy and further expand the products and services we offer customers.

“Our vision has always been to bring more competition to UK banking, and the support of the FirstRand Group will enable us to continue to do just that.”

FirstRand chief executive Johan Burger added: “We are very pleased that the board of Aldermore, one of the UK's leading specialist lenders, will be recommending our offer.

“The transaction is the latest step in our strategy of protecting and building shareholder value by achieving a more diversified revenue profile and we believe it will provide the platform to fulfil our growth objectives in the UK.

“It will allow the FirstRand Group to allocate more financial resources to our operations in Africa, whilst diversifying earnings in the UK.”